Detroit (October 12, 2005) - Charter One Bank today announced it was named the No. 1 small business lender in Michigan and the Midwest by the U.S. Small Business Administration.
During the annual SBA fiscal year from October 1, 2004 to September 30, 2005, Charter One Bank provided 955 loans, valued at $53.9 million, to small businesses in Michigan - giving the bank a commanding 524-loan lead over its nearest competitor.
Fiscal year 2005 marks the first time Charter One Bank has become the leader in SBA lending. Charter One enhanced its focus on small business lending to better serve the needs of its customers. Charter One was acquired last September by Citizens Financial Group, Inc., the No. 1 SBA lender in the New England and Mid-Atlantic regions and the No. 2 SBA lender in the country.
"We want Michigan to know that we care about the needs of small business," said Sandra Pierce, President and CEO of Charter One Bank, Michigan. "We believe small business owners want to deal with a lender that provides personal service and understands their needs. We are committed, as indicated by SBA's top ranking, to making credit available to help small businesses grow and succeed."
David Farmer, owner of Oakland Steel Inc. in Troy, Michigan, was able to secure an SBA loan from Charter One, and in the process made his dream of owning a company a reality.
"I've worked in the steel distribution business for over 20 years and learned what was needed to be successful, but I needed access to capital. If it wasn't for the SBA and Charter One, I would not be in business today. I obtained a term loan and line of credit that enabled me to pay off my initial investment in the company while diversifying my customer base and the services we provide," said Farmer.
Oakland Steel, Inc. caters to the small business market by stocking and distributing smaller quantities of steel purchased directly from steel mills. "We've kept many machine shops running with emergency deliveries of steel on a Saturday or in the evening. Service is everything," explains Farmer.
Today Oakland Steel is thriving, having quadrupled its sales in just under a year with plans to expand its workforce further.
"Charter One Bank has demonstrated its commitment and understanding of the smaller end of the market, those entrepreneurs needing $50,000 or less in capital," said Richard Temkin, District Director of the SBA's Michigan office. "This market has historically had difficulty obtaining access to capital. We applaud Charter One for helping a record number of small business owners realize their dreams over the past 12 months, and we look forward to their continued support of the small business community."
Charter One Bank, N.A., is a $41 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has more than 490 branches and 812 ATMs. It has 124 branches and 164 ATMs in Michigan. Charter One is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).The Charter One Web site is charterone.com.